We analyze how the possibility of resale affects efficiency in multi-object uniform-price auctions with asymmetric … bidders using a combination of theory and experiments. The resale market is modeled as an unstructured bargaining game between … participate in a resale market after the auction. In all treatments, the possibility of resale increases efficiency after the …

We analyze the effects of resale through bargaining in multi-object uniform-price auctions with asymmetric bidders. The … experimental design consists of four treatments: one without resale and three resale treatments that vary both the bargaining … reduce auction efficiency. In contrast to what is usually argued, resale does not necessarily increase final efficiency and …

We analyze the effects of resale through bargaining in multi-object uniform-price auctions with asymmetric bidders. The … experimental design consists of four treatments: one without resale and three resale treatments that vary both the bargaining … reduce auction efficiency. In contrast to what is usually argued, resale does not necessarily increase final efficiency and …

desirable properties, which highlights the strong tension between egalitarian-equivalence and efficiency. In contrast, in the … case of two agents and a single object, egalitarian-equivalence is compatible with efficiency. …

In standard auctions with symmetric, independent private value bidders resale creates a role for a speculator' a bidder …

The paper reports on an experiment on two-player double-auction bargaining with private values. We consider a setting … no equilibrium achieving full efficiency. In the experiment, we vary the proportion of naive traders by introducing … computerized players. We find that full efficiency is not achieved in the experiment with or without naive traders, and efficiency …